ProVerum Limited, a pioneering medical device company and a spin-out from Trinity College Dublin, has just announced a major milestone: a massive $80 million Series B funding round. This is the largest-ever funding round raised by a company to have spun out from an Irish university.
This incredible investment will propel the development and commercialisation of the company’s flagship product, the ProVee® System. This innovative, minimally invasive device is designed to treat symptoms of benign prostatic hyperplasia (BPH), a common condition in men.
From Campus to Global Stage
ProVerum’s journey began in 2015, with its core technology conceived and developed by researchers in the TCBE Medical Device Design Incubator at the Trinity School of Engineering. The ProVee® System uses a nitinol implant to gently reshape the enlarged prostate, providing relief without the need for tissue removal or heat-based procedures.
The funding round was led by MVM Partners, with significant participation from OrbiMed and the Ireland Strategic Investment Fund (ISIF). The company's existing investors, including Gilde Healthcare Partners, Lightstone Ventures, Atlantic Bridge, and Enterprise Ireland, also continued their support. This substantial cash injection will enable the final stages of product development, regulatory approval, and the eventual commercial launch of the ProVee® System.
Dr Gordon Elliott from Trinity Innovation and Enterprise commented on the news. "Trinity has an exceptional track record in creating high-impact spin-outs that translate world-class research and development into real societal and economic value," he said. “ProVerum is another outstanding example of how breakthrough ideas nurtured on campus can scale globally, attract leading international investors, and transform patient lives."
ProVerum is one of many successful Trinity spin-outs. In the past seven years alone, the university has supported nearly 40 new campus-based companies, which have gone on to raise over €340 million in funding and create more than 500 jobs. Other recent success stories include SilverCloud Health, which was acquired by Amwell for €270 million, and Inflazome, snapped up by Roche for €380 million.
Based in both Dublin and Galway, ProVerum is set to lead the way in medical device innovation for BPH treatment. The ProVee® System promises a gentle, reversible, and office-based solution for men’s urinary health, offering hope and relief to millions of men worldwide.